PSCU Financial Services reported a strong 2009 despite the year's ongoing economic turmoil.
The organization, the primarily card and payment processing CUSO for more than 500 credit unions, reported that it reached 1.1 billion credit and debit transactions for the year, up 17% since the end of 2008 and a first. It also reached 20% growth in debit and online bill pay transactions, with credit transactions up 6%.
"We owe our success to the management team's determination to adhere to our three-year strategic plan. That plan includes tactics to achieve growth in two ways: expansion of existing programs and the launch of new platforms like online and mobile banking," said David Serlo, president of PSCU Financial Services.
During 2009 the cooperative helped member-owners grow their core debit/credit/bill payment business by providing promotional materials, consultative services, and 24/7 Contact Center support, PSCU said. Members also benefited from discounted pricing for use of multiple services.
"It's been exciting to see credit unions and their members embrace our online and mobile banking platforms, which can play an important role in both enhancing member loyalty and attracting younger members," said Serlo. "Consumers are looking for an alternative to traditional banks and banking practices, so we have a unique opportunity to take advantage of the favorable spotlight that has been focused on our industry and its member-friendly practices."